PetroNor E&P ASA

M&A Activity • Jun 29, 2015

AGREEMENT SIGNED - BLOCK CI-513 COTE D'IVOIRE

AGREEMENT SIGNED - BLOCK CI-513 COTE D'IVOIRE

African Petroleum Corporation Limited ("African Petroleum" or the "Company"),

an independent oil and gas exploration company operating ten licences in five

countries offshore West Africa, is pleased to announce that it has signed a

binding joint bidding agreement with a large London listed oil and gas

company to provide a framework for the incoming third party to secure a 45%

operated interest in a Production Sharing Contract (on terms to be agreed)

covering the Company's Block CI-513 licence area in Côte d'Ivoire. It is

intended that African Petroleum will hold a non-operated interest of 45%, with

the remaining 10% carried interest held by Petroci, the National Oil Company of

Côte d'Ivoire.

Completion of the transaction is subject to negotiation and entry into

commercial agreements and several conditions precedent including, but not

limited to, the agreement and approval of the Government of Côte d'Ivoire.

African Petroleum and the third party are working together towards completion

of the transaction as soon as possible, and the Company expects to make

further announcements, including the identity of the third party and further

details of commercial terms, in due course as progress is made.

Commenting on this announcement, African Petroleum's Chief Executive

Officer Dr Stuart Lake said:

"We are delighted to have signed this agreement with a large London listed E&P

company who is a proven operator in Africa. African Petroleum looks forward

to completing the transaction so that we can commence an active near term

exploration programme in Côte d'Ivoire."

*****

For further information, please contact:

Stuart Lake, Chief Executive Officer

Stephen West, Finance Director

Tel: +44 20 3761 6900

Angeline Hicks, Company Secretary

Tel: + 61 401 489 883

Media Contacts:

For UK and International media - Buchanan

Ben Romney/Helen Chan

Tel: +44 207 466 5000

For Norwegian media - First House

Geir Arne Drangeid

Tel: +47 913 10 458

Geir Gjervan

Tel: +47 908 79 108

About African Petroleum Corporation

African Petroleum Corporation is a dynamic, independent oil and gas

exploration company operating ten licences in five countries offshore West

Africa. The Company's assets are located in fast-emerging hydrocarbon

basins, principally the West African Transform Margin, where several

discoveries have been made in recent years, including African Petroleum

Corporation's Narina-1 discovery in February 2012, which proved a working

hydrocarbon system in the Liberian basin. With a combined net acreage

position of 30,378km2 through its licences in Côte d'Ivoire, Liberia, Senegal,

Sierra Leone and The Gambia, the Company has matured its portfolio rapidly,

acquiring more than 18,500km2 of 3D seismic data and successfully drilling

three wells, one of which was the first hydrocarbons discovery in the offshore

Liberian deep-water basin.

For more information about African Petroleum Corporation, please see

www.africanpetroleum.com.au